The economy is fine, The war is fine, the weather is fine..
See, this is all because the democrats wanted this recession to happen! They should be hung! Traders! I love you Mike Castle!
For the first time since the Depression, the Fed has been extending credit directly to securities firms in an effort to stabilize the capital markets. The central bank also expanded the types of collateral that firms can use in buying Treasury securities at a government auction next week. The moves helped shore up confidence in the financial system and set off a rally in shares of banks and brokerage firms.
The CIT Group, a century-old company that lends money to small businesses and midsize corporations, was forced to draw on $7.3 billion of emergency bank credit lines. Its shares and bonds plummeted.
CIT prospered when credit was easy. But its fortunes began to plunge last summer as the credit crisis that began in the market for subprime home mortgages started to spread.
Personally, this isn’t CIT’s fault. It’s the greedy homeowners that had no business going and getting a mortgage they didn’t know they would be able to afford when gas prices were $2 a gallo, milk was $3.5 and electric was $75 a month and Bush was telling them to spend money to defeat terrorism! Idiots! They should know better. They probably have cable and cell phones too…
When Bush told us to go shopping, that was the exact moment I cancelled our vacations, stopped shopping for a big-screen TV, and increased our savings rate.
http://delawarelibertarian.blogspot.com/2008/03/why-bernake-did-not-suddenly-save-us.html
Brian,
I’m going to be honest and say it is a little annoying all these delawarelibertarian posts you keep slapping up here 🙂
Ok, sorry, thought you might enjoy the additional commentary….sexy.
Just keeping it real bro no need to apologize
if you were Dana, maybe, but you nahhh 😛
DonV, your article highlights part of my analysis that “no matter what happens in the economy as a result of bad policy at the top, it is your fault.” I even asked the Republicans NOT to blame the people for a down turn that is solely the result of policy and following the shop and spend advice of our political leaders.
Guess how much luck I had….
Brian you can put your URL in the “Website” field of your comment so clicking your name will link to your website. That’s what it’s for.
Hey Brian, I do enjoy the additional commentary — you should just summarize or tease that post with what you want your point to be and then post the link. Just so folks can decide if they want to clink the link.
Ok thanks Cassandra! Hopefully I can buy you a nice shiraz at the next drinking liberally….
I’ll look forward to that, Brian!
BTW, I did get a copy of your book on the DE in the Depression — you did a wonderful job on that. Pictures of familiar places as they existed some time back are always intriguing and fun. A window to how other eras survived national traumas is a lesson and inspiration. My neighborhood is working on something similar right now and the pictures are fantastic. My neighbors and I are trying to fins some good old photos of our street, and that is taking some time.